Lloyds and Westpac launched the first non-German euro benchmarks in a month today (Wednesday), with bankers saying that Lloyds’ deal – a Eu1.5bn five year that attracted Eu2.75bn of orders – in particular is likely to encourage others that the market is receptive if the price is right.

The new issues follow a Eu750m five year Pfandbrief from LBBW that yesterday (Tuesday) was the first recognised euro benchmark in four weeks, and today’s deals were the first non-German benchmarks since a Eu500m five year from Yorkshire Building Society on 11 June.

Lloyds Bank was first out this morning, leads Crédit Agricole, ING, Lloyds, Natixis and UBS launching the Eu1.5bn (£1.06bn) five year deal with initial price thoughts of the 10bp over mid-swaps area. Guidance was set at the 8bp area on the back of books around Eu1.5bn, before the re-offer was fixed at 7bp with orders at around Eu2.4bn. The books were closed at Eu2.75bn, two hours after the deal was launched.

“This has gone extremely well,” said a syndicate official at one of the leads. “Lloyds is a well-known credit across Europe, and at the same time the UK has not seen much supply recently, so this all helped the deal be really well received.”

Syndicate officials away from the leads agreed that the deal had gone very well, adding that it should encourage further euro issuance.

“This was the right trade to reopen the market,” said one. “Lloyds are one of the gold standard names in the European investor base and, with them having been absent from the market for a while, a name that a lot of people had been waiting for.”

Lloyds last issued a euro benchmark in April 2014 – a Eu1bn seven year issue priced at 15bp over mid-swaps – and meanwhile issued two sterling covered bonds this year, a £1bn three year in January and a £500m seven year in March.

The syndicate official said the trade was also attractive because it offered a pick up versus CBPP3-eligible deals, noting that recent euro trades such as a Caffil Eu500m three year, which was priced at minus 9bp last Thursday, had come in relatively tight.

The lead syndicate official said the deal offered a new issue premium of 5bp-7bp, which, he said, is in line with the premiums offered by comparable deals before the Greek crisis. Syndicate officials away from the leads meanwhile said the deal offered a new issue premium of 7bp-9bp, based on the issuer’s secondary curve.

“This was a great deal, and they got the pricing spot on,” said one.

Another syndicate official suggested that the issuer chose size over price, and could have priced the deal 1bp tighter.

“But to take Eu1.5bn out of this market is a very good result,” he said.

Westpac leads BNP Paribas, JP Morgan, UBS and Westpac are pricing the Eu1bn (A$1.48bn) six year issue at 17bp over mid-swaps, in line with guidance, after launching with initial price thoughts of the high teens. The books had reached Eu1.1bn at the last lead manager update.

Syndicate officials away from the leads said the deal offered a new issue premium of 6bp-7bp, based on the issuer’s secondary curve.

“To print Eu1bn is another decent result,” said one.

Another syndicate official noted that the deal was not significantly oversubscribed.

“It shows that the market is not easy for every issuer, even if you pay up,” he said.

With the Greek parliament to vote on whether to accept its creditors’ latest bailout plan tonight, an ECB meeting tomorrow (Thursday), and execution risk remaining, syndicate officials differed as to whether the window for euro issuance would remain open tomorrow.

While bankers said they expect the Greek parliament to vote in favour of the creditor’s terms, some said they thought tomorrow’s headlines would likely push any further deals back to next week.

Others, however, said the market would remain open.

“These deals show the market is OK, but only at a price,” said one. “There is enough liquidity out there to support deals, but only if you pay up.”

Another syndicate official said that the two deals, being from non-Eurozone names, gave other issuers a better picture of how a deal can be done than LBBW’s Pfandbrief yesterday.

“It was very important that deals like this have been done,” he said. “It is a solid start for the market, and now we can start to look forward once again.”

Meanwhile, CIBC yesterday sold a $1.2bn (Eu1.09bn, C$1.53bn) five year 144A issue. Leads CIBC, Citi, HSBC and JP Morgan priced the deal at 47bp over mid-swaps, having set guidance at 47bp (the number) after launching with initial price thoughts of the high 40s.

A syndicate official away from the leads noted the deal had been priced slightly wider than the most recent US dollar benchmark, a $1bn five year from Commonwealth Bank of Australia that was priced at 45bp over last Thursday (9 July).